For a monopolist, changes in demand will lead to changes in
A) price with no change in output.
B) output with no change in price.
C) both price and quantity.
D) any of the above can be true.
D
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According to this Application, the United States was found to have violated international trade laws by imposing excessive ________ on Chinese ________ of goods such as solar panels
A) quotas; imports B) quotas; exports C) tariffs; imports D) tariffs; exports
Some people see the government as being more heavily involved in taking sides than in serving the common interest.
Answer the following statement true (T) or false (F)
The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities. Number of EmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost. This results in ________ employees being hired and a net benefit (total donations minus total labor costs) of ________.
A. 5; $67,080 B. 5; $17,080 C. 4; $22,000 D. 4; $60,000
Monetarism is a school of thought put forth by ________, who argued that the economy would ordinarily be at potential GDP
A) Karl Marx B) Milton Friedman C) Finn Kydland and Edward Prescott D) Robert Lucas and Thomas Sargent